Voyager closes £874,000 crowdfunding round 35 days early due to oversubscription
Voyager, the Perth-based health and wellness company established to supply high-quality Cannabidiol (CBD) and hemp seed oil products, has closed a successful crowdfunding round after attracting substantial investor interest.
The firm has raised £874,000 from some 350 investors, representing an oversubscription of approximately five times its initial target of £175,000.
Voyager was the first multi-product CBD company in the UK to successfully complete crowdfunding and what was expected to be a 40-day funding period was closed on day five due to exceptional demand from investors on Seedrs, one of Europe’s largest funders of private companies.
This latest raise follows another over-subscribed seed funding round which saw the company attract £500,000 from investors in November 2020.
The UK’s CBD market is expected to be worth more than £1bn by 2025. Voyager has 16 products already launched, seven more scheduled for release during April 2021 and further product roll-outs planned in the run up to summer.
The products are available for sale on Voyager’s website, VoyagerCBD.com, as well as 25 third-party sites – including popular online platforms Amazon, eBay and Etsy – and the company is working towards signing up physical stores as Covid-19 restrictions ease in the UK. In February 2021, the company launched VoyagerLife, a complementary range of beauty and skincare products, almost doubling its product range while opening up new market segments.
The investment secured in this latest crowdfunding round will bolster the company’s balance sheet and enable new product innovation and launches, building on both the Voyager and VoyagerLife brands, each of which will also be invested in through digital marketing. Voyager has also created four new jobs at its headquarters in Perth.
With an experienced team and a product line created in preparation for the UK’s new regulatory regime, Voyager aims to become the trusted brand in this increasingly popular health and wellness space.
Nick Tulloch, chief executive officer and founder of Voyager, said: “This is a landmark moment in the growth of Voyager. The level of interest in this crowdfunding round far exceeded our expectations, and it is a clear vote of confidence in our high quality and trusted CBD products. Our new funders have bought into what we believe will be an exciting journey, and we aim to fulfil our promise of providing liquidity to investors in due course.
“The market for CBD products is growing rapidly worldwide, with predictions it will surpass the entire herbal supplements market to be worth £1 billion in the UK alone in the next four years. As the industry becomes subject to greater regulation, Voyager is doing all it can to ensure our products are of the highest standard and comply with the latest UK Food Standards Agency regulations.”